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5 Tips for Paying Your Student Loans

Did you know that paying off your student loans early can save you thousands of dollars over the life of your loan? When it comes to paying off your student loans, sooner is better than later! Here are 5 tips that can help your bank account, your credit score and your long-term financial well-being:

Consolidate: If you have more than one student loan, paying them all can be confusing and costly. That’s why one of your first steps for paying off your student loans should be to consolidate them. A direct consolidation loan lets you combine several loans into one, making it easier to pay and sometimes allowing you to negotiate better repayment terms and rates.

Research payment and loan forgiveness options: According to the Consumer Financial Protection Bureau, there could be as many as 33 million people eligible for loan forgiveness who don’t take advantage of the benefit. If you are a member of the military or work in a public service profession, you might be eligible for some loan forgiveness. You may also be eligible to reduce your loan payments to make them more affordable. Income Based Repayment plans base your required monthly payment on your income.

Sign up for auto pay: Choosing auto pay for your student loan ensures that you pay it on time, saving you on added interest and penalties. But did you know it could save you even more? Government lenders—and even some private lenders—often offer lower interest rates to their clients who choose auto-pay. It’s easy to set up and even if you’ve been paying your loan for years, it’s not too late to switch to auto pay now.

Apply lump sums of cash to your loan: Maybe you got a bonus at work, or earned some overtime pay that came in a single paycheck. What are you going to do with that windfall of cash? Use it to pay down your student loan! Every time you pay money on your loan, you’re reducing your overall costs and building your good credit. Just make certain to tell your loan officer to apply the money to the loan’s principle so you can reduce future interest payments.

Take advantage of tax benefits: Anytime you save money, it’s money that can go toward your student loan, so make sure you take advantage of the tax deductions you’re entitled to. According to the Internal Revenue Service, you may be eligible to deduct up to $2,500 in student loan interest.

At Charter College, we want you to be successful in and out of the classroom and we know being financially responsible is one way to do that. Finding a career you love is another way! We offer career-focused programs in accounting, business, criminal justice, health care, nursing, information technology, paralegal, and the trades. If you want to pursue a new career, check out the fast-track programs at Charter College. Learn more about Charter College here.